Fast-Track Permitting Is Reshaping the Gold-Antimony Development Race

Rua Gold Inc. (RUA) is the subject of a third-party paid advertisement dated September 29, 2026, published by US Metal News, which is wholly owned by Market Equities Limited (Ireland). The publication states that MEL has been paid a fee directly by Rua Gold Inc. and that all material, including the article, has been approved by the company. The content contains no new assays, drill holes, mineral resource estimates, studies, or permit decisions. Every company-specific figure presented is a restatement of information previously published between July 30, 2026, and September 8, 2026.

Recycled drill content from the Auld Creek project, originally released on September 8, 2026, includes the following intercepts from ACDDH-prefixed holes: * 0.6 m @ 136.2 g/t AuEq (82.9 g/t Au and 24.8% Sb) * 2.7 m @ 23.2 g/t AuEq * 7.0 m @ 9.9 g/t AuEq * 32.0 m @ 2.4 g/t AuEq

The company reports that 19,600 meters have been drilled against a 19,000-meter target, with four rigs currently active. Assays are pending for 18 holes, and first visible gold has been observed. Mineralization is claimed to extend over 1,000 meters of strike and 500 meters of depth, with an updated mineral resource estimate expected in the fourth quarter of 2026.

The existing maiden mineral resource estimate, effective February 27, 2026, defines 0.3 million tonnes of Indicated resources grading 5.67 g/t AuEq (54,000 ounces) and 1.3 million tonnes of Inferred resources grading 3.66 g/t AuEq (150,000 ounces). A preliminary economic assessment released in May 2026 outlined a 5.5-year mine life with an initial capital cost of US$132.6 million. The project was modeled to produce an after-tax NPV5% of US$42 million and an internal rate of return (IRR) of 17% at gold prices of US$3,300/oz and antimony prices of US$27,000/t. At a gold price of US$4,700/oz, the NPV5% rises to US$113 million and the IRR to 36%. The proposed process involves a no-cyanide grind-and-flotation method to produce separate gold and antimony concentrates.

Regarding permitting, the project was accepted as a listed project under New Zealand's Fast-Track Approvals Act 2024 on July 30, 2026. A substantive application is targeted for October 2026, with a pre-feasibility study (PFS) for Mining One and Pitch Black targeted for December 2026.

The article includes sector commentary on Perpetua Resources, Nova Minerals, Dakota Gold, and i-80 Gold, explicitly stating that these entities are not peers, competitors, or financial comparables of Rua Gold Inc. Gold prices are cited as having reached a record above US$5,500/oz in January 2026 and remaining above US$4,300/oz through September. Antimony prices cooled from a Fastmarkets record near US$59,750/t in July 2025, following the suspension of China's export ban in November 2025. The disclosure notes that the item is promotional copy, includes an affiliate cross-sell for "Eagle Eye," warns that third parties may liquidate shares, and is not an NI 43-101 disclosure.

Rua Gold Inc. (RUA) released promotional commentary providing sector context, rather than announcing new drilling results, resource updates, or permit milestones. The release does not alter the company’s resource, deposit characteristics, or investment thesis, adding no new information regarding scale, grade, or probability. All company-specific facts presented are restatements of events the market traded through in July and early September 2026.

The market’s current pricing reflects the anchor result from the 2026-09-08 drilling release, which reported best AuEq holes at 112.5 g.m, 81.7 g.m, and 76.8 g.m, alongside narrow hits of 2.9 m @ 38.8 g/t and 2.7 m @ 23.2 g/t AuEq. Following that release, the stock advanced 32%, moving from C$1.11 on 2026-09-04 to C$1.47 on 2026-09-22, before fading to C$1.35. The share price remains 23% below its March 2026 high of C$1.75, indicating it is not priced for perfection, though the September drill result has clearly been factored into the valuation.

There is no new grade, width, hole, or study introduced in this update. The only incremental information is that the company engaged a third-party publisher for coverage. As a pre-revenue explorer and developer with a Preliminary Economic Assessment (PEA) but no reserves or production decision, materiality for Rua Gold is derived from changes in perceived scale, grade, or odds, none of which occurred here.

Valuation context places the company at roughly C$156 million market capitalisation against a 204 koz AuEq maiden resource and a base-case after-tax NPV5% of US$42M (US$113M in the upside gold case). The equity is already capitalising the 18 pending assays, the Q4 2026 Mineral Resource Estimate (MRE), the December 2026 Preliminary Feasibility Study (PFS), and the district hub-and-spoke narrative.

Prior-period financial data, not disclosed in today’s release, shows a Q1 2026 (three months to 2026-03-31) net loss of C$5.05M and operating cash outflow of C$4.37M. The company held C$35.6M in cash and C$36.7M in total equity, with a book value of C$0.32 per share on 114.9M shares. For FY2025, the net loss was C$13.36M with an operating cash outflow of C$11.54M. The company has generated no revenue in any period.

Rua Gold Inc. (TSX: RUA; NZX: RGI; OTCQX: NZAUF) is a Vancouver-based, pre-revenue explorer and developer with assets located entirely in New Zealand. The company’s primary focus is the Reefton Goldfield on the South Island, where it is the controlling landholder of more than 120,000 hectares, or approximately 125,000 hectares per the investor brief. The district’s targets and resources include Auld Creek, Fraternal, Supreme, Caledonian, Alexander River, Big River, Capleston, Globe Progress, and Blackwater. Historically, the district produced over 2 million ounces of gold at grades cited at 9-50 g/t.

The Auld Creek mineral resource estimate, effective February 27, 2026, at a 1.6 g/t AuEq cutoff, comprises 0.3 million tonnes of Indicated resources grading 5.67 g/t AuEq (54,000 ounces) and 1.3 million tonnes of Inferred resources grading 3.66 g/t AuEq (150,000 ounces). This totals approximately 204,000 ounces of AuEq, with contained antimony of roughly 13,000 tonnes. According to the Q1 2026 MD&A, the consolidated Reefton MRE includes 5.2 million tonnes at 3.0 g/t AuEq Inferred (498,000 ounces) plus 0.3 million tonnes at 5.7 g/t AuEq Indicated (54,000 ounces), with Auld Creek serving as the developed subset.

An initial preliminary economic assessment (PEA) for Auld Creek, effective April 25, 2026, and announced May 5, 2026, was filed in June 2026. The plan outlines a 5.5-year underground operation at 250,000 tonnes per annum, utilizing overhand cut-and-fill with cemented and dry-stacked tailings fill. The process involves no-cyanide grind-and-flotation to produce separate gold and antimony concentrates. Initial capital is estimated at US$132.6 million, including US$29.8 million in contingency, with sustaining capital of US$63.9 million. The life-of-mine production is projected at 146,660 ounces of AuEq at 3.36 g/t AuEq, containing 84,482 ounces of gold and 8,995 tonnes of antimony. Cash costs are estimated at US$1,400 per ounce, with an all-in sustaining cost (AISC) of US$1,850 per ounce. At gold prices of US$3,300/oz and antimony prices of US$27,000/t, the project yields an after-tax NPV5% of US$42.4 million and a 17% IRR, with a payback period of 3.3 years. At a gold price of US$4,700/oz, the NPV rises to US$113 million with a 36% IRR and a 2.2-year payback.

The filing of the PEA in June 2026 restated mineable-shape ounces 22-27% below the May 2026 MRE due to the application of Mining One's MSO shapes, crown pillar treatment, and RPEEE criteria.

On the North Island, the company holds about 15,000 hectares at Glamorgan in the Hauraki Goldfield, adjacent to OceanaGold's Wharekirauponga project, which holds 1.5 million ounces at 17.3 g/t Au in measured and indicated categories. Surface work included roughly 590 line-kilometers of UAV magnetics, 4,137 soil samples, CSAMT resistivity, and TerraSpec alteration mapping, defining the Sutcliff, Wires Ridge, and Tairua targets. Nine drill pads were approved on August 4, 2026, with approximately 9,000 meters planned from Q4 2026. There is currently no NI 43-101 resource for this property.

Permitting for Auld Creek was accepted as a listed project under New Zealand's Fast-Track Approvals Act 2024 on July 30, 2026. A substantive application is targeted for October 2026, with full permitting targeted for mid-2027 and a pre-feasibility study (PFS) targeted for December 2026.

Financially, the Q1 2026 report (three months ended March 31, 2026) showed cash of C$35.6 million, total assets of C$38.7 million, total liabilities of C$2.1 million, and total equity of C$36.7 million. The book value was C$0.32 per share based on 114,926,761 shares outstanding. The quarter saw a net loss of C$5.05 million and an operating cash outflow of C$4.37 million. For FY2025, the net loss was C$13.36 million on an operating cash outflow of C$11.54 million. The investor brief indicates 115.6 million common shares, 7.7 million options, 1.4 million broker warrants, and 124.7 million fully diluted shares, with cash stated as C$30 million unaudited at June 30, 2026. A financing in January 2026 raised C$33 million at C$1.10, with institutional ownership cited above 40%.

Management includes Chairman Oliver Lennox-King (ex-Fronteer, ex-Roxgold), CEO Robert Eckford (co-founder and former CFO of Aris Mining), COO Simon Henderson, CFO Darren Prins, and VP Risk, Stakeholder and Regulatory Affairs Simon Delander. The company currently has no revenue, no reserves, no production decision, and no joint-venture or royalty partners disclosed.